Business Directories

Ajwa chief to appeal Egypt convictions

Cairo, January 2, 2011

Egypt's Ajwa Food Industries, which supplies and distributes food and commodities, said its chairman Mohamed Bin Issa Jaber Al Jaber would appeal against his conviction for financial crimes.

An Egyptian court had sentenced Al Jaber on Thursday after the Saudi national was tried in absentia for forging documents and other crimes. He was also fined 2 million Egyptian pounds ($344,500).

'I was totally surprised and dismayed to learn of the Egyptian court's trial and preliminary ruling against me, in absentia, in my capacity as chairman of Ajwa,' Jaber said in a statement issued by the firm.

'I strongly deny any wrongdoing in my capacity as chairman of the company, and I intend vigorously to appeal the Egyptian court's ruling.'

The prosecution had accused Jaber of forging documents and using his position to announce false information to boost Ajwa's shares to more than 90 pounds. The shares closed at 3.43 pounds on Thursday, down 1.4 per cent on the day.-Reuters